June 28, 2018—A pickup in the production of Tesla's Model 3 cars has resulted in occasional battery cell shortages, reported CNBC.

Elon Musk said earlier this month that his company should achieve its 5,000 cars-per week target by the end of June, according to the report. Panasonic is the exclusive battery cell supplier for Tesla's current production models.

CNBC reported that Panasonic sees batteries as central to its plan to boost automotive business revenue to 2.5 trillion yen by the year through March 2022 from 1.8 trillion yen estimated for this financial year.

Panasonic has teamed up with Toyota Motor to jointly develop batteries for electric vehicles.